Vicor (VICR) 10-Q 29 Oct 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 21, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	VICOR CORP
Entity Central Index Key	0000751978
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	VICR
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-18277
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2742817
Entity Address, Address Line One	25 Frontage Road
Entity Address, City or Town	Andover
Entity Address, Postal Zip Code	01810
City Area Code	978
Local Phone Number	470-2900
Security Exchange Name	NASDAQ
Entity Address, State or Province	MA
Title of 12(b) Security	Common Stock
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,645,840
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,758,218

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 81,229	$ 70,557
Accounts receivable, less allowance of $65 in 2019 and $224 in 2018	39,987	43,673
Inventories, net	49,688	47,370
Other current assets	5,114	3,460
Total current assets	176,018	165,060
Long-term deferred tax assets, net	241	265
Long-term investments, net	2,576	2,526
Property, plant and equipment, net	56,336	50,432
Other assets	2,739	2,785
Total assets	237,910	221,068
Current liabilities:
Accounts payable	10,329	16,149
Accrued compensation and benefits	9,548	10,657
Accrued expenses	2,335	2,631
Short-term lease liabilities	1,580
Sales allowances	1,076	548
Accrued severance and other charges		234
Income taxes payable	57	710
Short-term deferred revenue	5,843	5,069
Total current liabilities	30,768	35,998
Long-term deferred revenue	1,134	232
Contingent consideration obligations	210	408
Long-term income taxes payable	237	238
Long-term lease liabilities	2,845	102
Total liabilities	35,194	36,978
Commitments and contingencies (Note 12)
Vicor Corporation stockholders' equity:
Additional paid-in capital	199,166	193,457
Retained earnings	141,786	129,000
Accumulated other comprehensive loss	(278)	(394)
Treasury stock, at cost	(138,927)	(138,927)
Total Vicor Corporation stockholders' equity	202,269	183,656
Noncontrolling interest	447	434
Total equity	202,716	184,090
Total liabilities and equity	237,910	221,068
Class B Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	118	118
Total equity	118	118
Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	$ 404	$ 402

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounts receivable, allowance	$ 65	$ 224

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net revenues		$ 70,772	$ 78,035	$ 199,852	$ 217,500
Cost of revenues		37,770	39,031	106,647	112,402
Gross margin		33,002	39,004	93,205	105,098
Operating expenses:
Selling, general and administrative		15,443	15,280	45,846	46,493
Research and development		11,507	10,691	34,433	33,220
Severance and other charges			(10)		340
Total operating expenses		26,950	25,961	80,279	80,053
Income from operations		6,052	13,043	12,926	25,045
Other income (expense), net:
Total unrealized gains on available-for-sale securities, net		11	32	50	88
Less: portion of gains recognized in other comprehensive income		(10)	(30)	(47)	(82)
Net credit gains recognized in earnings		1	2	3	6
Other income (expense), net		145	230	670	612
Total other income (expense), net		146	232	673	618
Income before income taxes		6,198	13,275	13,599	25,663
Less: Provision for income taxes		266	227	805	724
Consolidated net income		5,932	13,048	12,794	24,939
Less: Net (loss) income attributable to noncontrolling interest		(5)	36	8	124
Net income attributable to Vicor Corporation		$ 5,937	$ 13,012	$ 12,786	$ 24,815
Net income per common share attributable to Vicor Corporation:
Basic		$ 0.15	$ 0.32	$ 0.32	$ 0.62
Diluted		$ 0.14	$ 0.32	$ 0.31	$ 0.61
Shares used to compute net income per common share attributable to Vicor Corporation:
Basic	[1]	40,332	40,120	40,279	39,769
Diluted		42,194	41,124	41,435	40,645
[1]	Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Consolidated net income		$ 5,932	$ 13,048	$ 12,794	$ 24,939
Foreign currency translation (losses) gains, net of tax	[1]	(11)	(156)	74	(129)
Unrealized gains on available-for-sale securities, net of tax	[1]	10	30	47	82
Other comprehensive (loss) income		(1)	(126)	121	(47)
Consolidated comprehensive income		5,931	12,922	12,915	24,892
Less: Comprehensive (loss) income attributable to noncontrolling interest		(6)	25	13	115
Comprehensive income attributable to Vicor Corporation		$ 5,937	$ 12,897	$ 12,902	$ 24,777
[1]	The deferred tax assets associated with cumulative foreign currency translation gains and cumulative unrealized gains on available-for-sale securities are completely offset by a tax valuation allowance as of September 30, 2019 and 2018. Therefore, there is no income tax benefit (provision) recognized for the three and nine months ended September 30, 2019 and 2018.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Recognized income tax benefit (provision)	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Consolidated net income	$ 12,794	$ 24,939
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	7,647	6,870
Stock-based compensation expense, net	2,292	2,604
(Benefit) provision for doubtful accounts	(138)	91
Decrease in long-term income taxes payable	(1)
Increase in other long-term liabilities		7
Increase (decrease) in long-term deferred revenue	902	(54)
Gain on disposal of equipment	(23)	(45)
Deferred income taxes	24	26
Credit gain on available-for-sale securities	(3)	(6)
Change in current assets and liabilities, net	(6,955)	(11,590)
Net cash provided by operating activities	16,539	22,842
Investing activities:
Additions to property, plant and equipment	(9,122)	(6,894)
Proceeds from sale of equipment	23	45
Decrease in other assets	(37)	(92)
Net cash used for investing activities	(9,136)	(6,941)
Financing activities:
Proceeds from issuance of Common Stock	3,423	8,378
Payment of contingent consideration obligations	(198)	(208)
Net cash provided by financing activities	3,225	8,170
Effect of foreign exchange rates on cash	44	(95)
Net increase in cash and cash equivalents	10,672	23,976
Cash and cash equivalents at beginning of period	70,557	44,230
Cash and cash equivalents at end of period	$ 81,229	$ 68,206

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total Vicor Corporation Stockholders' Equity [Member]	Noncontrolling Interest [Member]	Class B Common Stock [Member]
Beginning Balance at Dec. 31, 2017	$ 136,419	$ 401	$ 181,395	$ 93,605	$ (478)	$ (138,927)	$ 136,114	$ 305	$ 118
Sales of Common Stock	6,504	6	6,498				6,504
Stock-based compensation expense	2,604		2,604				2,604
Issuances of stock through employee stock purchase plan	1,874	1	1,873				1,874
Cumulative effect of adoption of new accounting principle (Topic 606)	3,670			3,670			3,670
Other	(3)	(6)	3				(3)
Components of comprehensive income, net of tax:
Net income	24,939			24,815			24,815	124
Other comprehensive income (loss)	(47)				(38)		(38)	(9)
Total comprehensive income	24,892						24,777	115
Ending Balance at Sep. 30, 2018	175,960	402	192,373	122,090	(516)	(138,927)	175,540	420	118
Beginning Balance at Jun. 30, 2018	158,938	399	188,276	109,078	(401)	(138,927)	158,543	395	118
Sales of Common Stock	2,465	3	2,462				2,465
Stock-based compensation expense	688		688				688
Issuances of stock through employee stock purchase plan	947		947				947
Components of comprehensive income, net of tax:
Net income	13,048			13,012			13,012	36
Other comprehensive income (loss)	(126)				(115)		(115)	(11)
Total comprehensive income	12,922						12,897	25
Ending Balance at Sep. 30, 2018	175,960	402	192,373	122,090	(516)	(138,927)	175,540	420	118
Beginning Balance at Dec. 31, 2018	184,090	402	193,457	129,000	(394)	(138,927)	183,656	434	118
Sales of Common Stock	1,118	1	1,117				1,118
Stock-based compensation expense	2,292		2,292				2,292
Issuances of stock through employee stock purchase plan	2,305	1	2,304				2,305
Other	(4)		(4)				(4)
Components of comprehensive income, net of tax:
Net income	12,794			12,786			12,786	8
Other comprehensive income (loss)	121				116		116	5
Total comprehensive income	12,915						12,902	13
Ending Balance at Sep. 30, 2019	202,716	404	199,166	141,786	(278)	(138,927)	202,269	447	118
Beginning Balance at Jun. 30, 2019	194,316	403	196,698	135,849	(278)	(138,927)	193,863	453	118
Sales of Common Stock	690	1	689				690
Stock-based compensation expense	753		753				753
Issuances of stock through employee stock purchase plan	1,026		1,026				1,026
Components of comprehensive income, net of tax:
Net income	5,932			5,937			5,937	(5)
Other comprehensive income (loss)	(1)							(1)
Total comprehensive income	5,931						5,937	(6)
Ending Balance at Sep. 30, 2019	$ 202,716	$ 404	$ 199,166	$ 141,786	$ (278)	$ (138,927)	$ 202,269	$ 447	$ 118

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Vicor Corporation and its consolidated subsidiaries (collectively, the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, these interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for any other interim period or the year ending December 31, 2019. The balance sheet at December 31, 2018 presented herein has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K 10-K”).

Recently Adopted Accounting Sta

Recently Adopted Accounting Standard	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Recently Adopted Accounting Standard	2. Recently Adopted Accounting Standard In February 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance for lease accounting, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The new guidance establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and a lease liability on the balance sheet for all leases with a term longer than twelve months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. For lessors, the guidance modifies the classification criteria and accounting for sales-type and direct financing leases. The Company adopted the new standard as of January 1, 2019, using the effective date as the date of initial application. As a result, financial information has not been updated and the disclosures required under the new standard have not been provided for dates and periods before January 1, 2019. The Company elected the ‘package of practical expedients’, which permits companies to not reassess under the new standard lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight The adoption of the standard resulted in the recognition of ROU assets and lease liabilities of approximately $4,329,000 and $4,455,000, respectively, as of January 1, 2019. There was no cumulative effect of adopting this new guidance, and the standard did not have a material impact on the Company’s condensed consolidated statements of operations or cash flows for the three and nine months ended September 30, 2019.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventories	3. Inventories Inventories are valued at the lower of cost (determined using the first-in, first-out Inventory that is estimated to be excess, obsolete or unmarketable is written down to net realizable value. The Company’s estimation process for assessing net realizable value is based upon its known backlog, projected future demand, historical consumption and expected market conditions. If the Company’s estimated demand and/or market expectation were to change or if product sal e Inventories were as follows (in thousands): September 30, 2019 December 31, 2018 Raw materials $ 35,907 $ 37,696 Work-in-process 4,854 4,740 Finished goods 8,927 4,934 Net balance $ 49,688 $ 47,370

Long-Term Investments

Long-Term Investments	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Long-Term Investments	4. Long-Term Investments As of September 30, 2019 and December 31, 2018, the Company held one auction rate security with a par value of $3,000,000, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk of default. Through September 30, 2019, the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months. As a result, the Company continued to classify the Failed Auction Security as long-term as of September 30, 2019. The following is a summary of available-for-sale September 30, 2019 Cost Gross Gross Estimated Failed Auction Security $ 3,000 $ — $ 424 $ 2,576 December 31, 2018 Cost Gross Gross Estimated Failed Auction Security $ 3,000 $ — $ 474 $ 2,526 As of September 30, 2019, the Failed Auction Security had been in an unrealized loss position for greater than 12 months. The cost and estimated fair value of the Failed Auction Security on September 30, 2019, by contractual maturity, are shown below (in thousands): Cost Estimated Due in twenty to forty years $ 3,000 $ 2,576 Based on the fair value measurements described in Note 5, the fair value of the Failed Auction Security on September 30, 2019, with a par value of $3,000,000, was estimated by the Company to be approximately $2,576,000. The gross unrealized loss of $424,000 on the Failed Auction Security consists of two types of estimated loss: an aggregate credit loss of $38,000 and an aggregate temporary impairment of $386,000. In determining the amount of credit loss, the Company compared the present value of cash flows expected to be collected to the amortized cost basis of the security, considering credit default risk probabilities and changes in credit ratings as significant inputs, among other factors (See Note 5). The following table represents a rollforward of the activity related to the credit loss recognized in earnings on the Failed Auction Security for the nine months ended September 30 (in thousands): 2019 2018 Balance at the beginning of the period $ 41 $ 48 Reductions in the amount related to credit gain for which other-than- temporary impairment was not previously recognized (3 ) (6 ) Balance at the end of the period $ 38 $ 42 At this time, the Company has no intent to sell the impaired Failed Auction Security and does not believe it is more likely than not the Company will be required to sell this security. If current market conditions deteriorate further, the Company may be required to record additional unrealized losses. If the credit rating of the security deteriorates, the Company may be required to adjust the carrying value of the investment through impairment charges recorded in the Condensed Consolidated Statements of Operations, and any such impairment adjustments may be material. Based on the Company’s ability to access cash and cash equivalents and its expected operating cash flows, management does not anticipate the current lack of liquidity associated with the Failed Auction Security held will affect the Company’s ability to execute its current operating plan.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements The Company accounts for certain financial assets at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or liability. A three-level hierarchy is used to show the extent and level of judgment used to estimate fair value measurements. Assets and liabilities measured at fair value on a recurring basis included the following as of September 30, 2019 (in thousands): Using Quoted Prices Significant Significant (Level 3) Total Fair Value as of Cash equivalents: Money market funds $ 9,588 $ — $ — $ 9,588 Long-term investments: Failed Auction Security — — 2,576 2,576 Liabilities: Contingent consideration obligations — — (210 ) (210 ) Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2018 (in thousands): Using Quoted Prices Significant Significant (Level 3) Total Fair Value as of Cash equivalents: Money market funds $ 9,433 $ — $ — $ 9,433 Long-term investments: Failed Auction Security — — 2,526 2,526 Liabilities: Contingent consideration obligations — — (408 ) (408 ) As of September 30, 2019, there was insufficient observable auction rate security market information available to determine the fair value of the Failed Auction Security using Level 1 or Level 2 inputs. As such, the Company’s investment in the Failed Auction Security was deemed to require valuation using Level 3 inputs. Management, after consulting with advisors, valued the Failed Auction Security using analyses and pricing models similar to those used by market participants (i.e., buyers, sellers, and the broker-dealers responsible for execution of the Dutch auction pricing mechanism by which each issue’s interest rate was set). Management utilized a probability weighted discounted cash flow (“DCF”) model to determine the estimated fair value of this security as of September 30, 2019. The major assumptions used in preparing the DCF model were similar to those described in Note 5 - Fair Value Measurements in the Notes to the Consolidated Financial Statements contained in the Company’s 2018 Form 10-K. Quantitative information about Level 3 fair value measurements as of September 30, 2019 is as follows (dollars in thousands): Fair Value Valuation Unobservable Input Weighted Failed Auction Security $ 2,576 Discounted cash flow Cumulative probability of earning the maximum rate until maturity 0.08% Cumulative probability of principal return prior to maturity 94.78% Cumulative probability of default 5.14% Liquidity risk premium 5.00% Recovery rate in default 40.00% The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the nine months ended September 30, 2019 was as follows (in thousands): Balance at the beginning of the period $ 2,526 Credit gain on available-for-sale 3 Gain included in Other comprehensive income 47 Balance at the end of the period $ 2,576 The Company has classified its contingent consideration obligations as Level 3 because the fair value for these liabilities was determined using unobservable inputs. The liabilities were based on estimated sales of legacy products over the period of royalty payments at the royalty rate, discounted using the Company’s estimated cost of capital. The change in the estimated fair value calculated for the liabilities valued on a recurring basis utilizing Level 3 inputs (i.e., the Contingent consideration obligations) for the nine months ended September 30, 2019 was as follows (in thousands): Balance at the beginning of the period $ 408 Payments (198 ) Balance at the end of the period $ 210 There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the nine months ended September 30, 2019.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenues	6. Revenues Revenue from the sale of Advanced Products represents the sum of third-party sales of the products sold under the Advanced Products line, which were sold under the former Picor and VI Chip operating segments during periods prior to the second quarter of 2019. Revenue from the sale of Brick Products represents the sum of third-party sales of the products sold under the Brick Products line, which were also sold under the former Brick Business Unit operating segment, inclusive of such sales of our Vicor Custom Power and Vicor Japan Company, Ltd. subsidiaries. See Note 14 for a discussion of changes to the Company’s segment reporting. The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands): Three Months Ended September 30, 2019 Brick Products Advanced Products Total United States $ 25,265 $ 4,290 $ 29,555 Europe 5,577 889 6,466 Asia Pacific 14,510 18,875 33,385 All other 1,130 236 1,366 $ 46,482 $ 24,290 $ 70,772 Nine Months Ended September 30, 2019 Brick Products Advanced Products Total United States $ 73,289 $ 16,562 $ 89,851 Europe 17,960 3,517 21,477 Asia Pacific 46,908 37,618 84,526 All other 2,955 1,043 3,998 $ 141,112 $ 58,740 $ 199,852 Three Months Ended September 30, 2018 Brick Products Advanced Products Total United States $ 20,508 $ 9,152 $ 29,660 Europe 7,013 1,187 8,200 Asia Pacific 22,136 16,578 38,714 All other 1,369 92 1,461 $ 51,026 $ 27,009 $ 78,035 Nine Months Ended September 30, 2018 Brick Products Advanced Products Total United States $ 55,794 $ 25,908 $ 81,702 Europe 16,615 3,110 19,725 Asia Pacific 64,223 48,110 112,333 All other 3,380 360 3,740 $ 140,012 $ 77,488 $ 217,500 The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands): Three Months Ended September 30, 2019 Brick Products Advanced Products Total Direct customers, contract manufacturers and non-stocking $ 39,705 $ 22,574 $ 62,279 Stocking distributors, net of sales allowances 6,522 1,734 8,256 Non-recurring 163 (36 ) 127 Royalties 92 — 92 Other — 18 18 $ 46,482 $ 24,290 $ 70,772 Nine Months Ended September 30, 2019 Brick Products Advanced Products Total Direct customers, contract manufacturers and non-stocking $ 120,496 $ 49,524 $ 170,020 Stocking distributors, net of sales allowances 19,750 7,817 27,567 Non-recurring 762 1,319 2,081 Royalties 104 24 128 Other — 56 56 $ 141,112 $ 58,740 $ 199,852 Three Months Ended September 30, 2018 Brick Products Advanced Products Total Direct customers, contract manufacturers and non-stocking distributors $ 44,269 $ 23,508 $ 67,777 Stocking distributors, net of sales allowances 6,236 1,773 8,009 Non-recurring 513 1,694 2,207 Royalties 8 16 24 Other — 18 18 $ 51,026 $ 27,009 $ 78,035 Nine Months Ended September 30, 2018 Brick Advanced Total Direct customers, contract manufacturers and non-stocking $ 123,147 $ 67,924 $ 191,071 Stocking distributors, net of sales allowances 15,934 6,924 22,858 Non-recurring 885 2,494 3,379 Royalties 46 92 138 Other — 54 54 $ 140,012 $ 77,488 $ 217,500 The following table presents the changes in certain contract assets and (liabilities) (in thousands): September 30, December 31, Ch ange Accounts receivable $ 39,987 $ 43,673 $ (3,686 ) Short-term deferred revenue (4,239 ) (3,820 ) (419 ) Long-term defer red revenue (1,134 ) (232 ) (902 ) Deferred expenses 1,418 501 917 Customer prepayments (1,604 ) (1,250 ) (354 ) Sales allowances (1,076 ) (548 ) (528 ) The decrease in accounts receivable was primarily due to a decrease in net revenues of approximately $2,948,000 in the third quarter of 2019 compared to the fourth quarter of 2018. Deferred expenses are included in Other current assets, and customer prepayments are included in Short-term deferred revenue, in the accompanying Condensed Consolidated Balance Sheets, respectively. The Company records deferred revenue, which represents a contract liability, when cash payments are received or due in advance of performance under a contract with a customer. The Company recognized revenue of approximately $23,000 and $53,000 for the three and nine months ended September 30, 2019 , respectively, and $ and $ , f or the three and nine months ended September 30, 2018, respectively, that was included in deferred revenue at the beginning of each respective period.

Product Warranties

Product Warranties	9 Months Ended
	Sep. 30, 2019
Guarantees and Product Warranties [Abstract]
Product Warranties	7. Product Warranties The Company generally offers a two-year three years Product warranty activity was as follows (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Balance at the beginning of the period $ 270 $ 326 $ 268 $ 290 Accruals for warranties for products sold in the period 29 6 113 139 Fulfillment of warranty obligations (41 ) (17 ) (123 ) (94 ) Revisions of estimated obligations — (58 ) — (78 ) Balance at the end of the period $ 258 $ 257 $ 258 $ 257

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	8. Stock-Based Compensation The Company uses the Black-Scholes option pricing model to calculate the fair value of stock option awards, whether they possess time-based vesting provisions or performance-based vesting provisions, and awards granted under the Vicor Corporation 2017 Employee Stock Purchase Plan (“ESPP”), as of their grant date. Stock-based compensation expense was as follows (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Cost of revenues $ 86 $ 58 $ 228 $ 173 Selling, general and administrative 482 474 1,507 1,973 Research and development 185 156 557 458 Total stock-based compensation $ 753 $ 688 $ 2,292 $ 2,604 Compensation expense by type of award was as follows (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Stock options $ 514 $ 503 $ 1,556 $ 2,101 ESPP 239 185 736 503 Total stock-based compensation $ 753 $ 688 $ 2,292 $ 2,604

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	9. Leases Substantially all of the Company’s leases are classified as operating leases. The majority of the Company’s leases are for office and manufacturing space, along with several automobiles and certain equipment. Leases with initial terms of less than twelve months are not recorded on the balance sheet. Expense for these leases is recognized on a straight-line basis over the lease term. The Company’s leases have remaining terms of less than one year to just over six years. The majority of the Company’s leases do not have options to renew, although several have renewal terms to extend the lease for one five-year term, and one lease contains two five-year renewal options. None of the renewal options are included in determining the term of the lease, used for calculating the associated lease liabilities. None of the Company’s leases include variable payments, residual value guarantees or restrictive covenants. A number of the Company’s leases for office and manufacturing space include provision for common area maintenance (“CAM”). The Company accounts for CAM separately from lease payments, and therefore costs for CAM are not included in the determination of lease liabilities. The Company is a party to one arrangement as the lessor, for its former Westcor facility located in Sunnyvale, California, with a third party. The lessee under this lease has one option to renew the lease for a term of five years. As of September 30, 2019, the balance of ROU assets was approximately $4,348,000, and the balances of short-term The maturities of the Company’s lease liabilities are as follows (in thousands): 2019 $ 458 2020 1,576 2021 923 2022 625 2023 536 Thereafter 665 Total lease payments $ 4,783 Less: Imputed interest 358 Present value of lease liabilities $ 4,425 As of September 30, 2019, the weighted-average remaining lease term was 3.9 years and the weighted-average discount rate was 3.81% for the Company’s operating leases. The Company developed the discount rates used based on a London Interbank Offered Rate (“LIBOR”) over a term approximating the term of the related lease, plus an additional interest factor, which was generally 1.375%. For the three and nine months ended September 30, 2019, the Company paid approximately $44,000 and $107,000, respectively, for amounts included in the measurement of lease liabilities through operating cash flows, and obtained approximately $951,000 and $1,413,000 in ROU assets for the three and nine months ended September 30, 2019, respectively, in exchange for new operating lease liabilities. The maturities of the lease payments to be received by the Company under its leased facility in California are as follows (in thousands): 2019 $ 215 2020 874 2021 901 2022 928 2023 955 Thereafter 402 Total lease payments to be received $ 4,275 For the three and nine months ended September 30, 2019, the Company recorded lease income under this lease of approximately $214,000 and $642,000, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The tax provision is based on the estimated annual effective tax rate for the year, which includes estimated federal, state and foreign income taxes on the Company’s projected pre-tax The provision for income taxes and the effective income tax rates were as follows (dollars in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Provision for income taxes $ 266 $ 227 $ 805 $ 724 Effective income tax rate 4.3 % 1.7 % 5.9 % 2.8 % The effective tax rates were lower than the statutory tax rates for the three and nine months ended September 30, 2019 and 2018 due primarily to the utilization of net operating loss carryforwards and tax credits. The provisions for income taxes in the three and nine months ended September 30, 2019 and 2018 also included estimated foreign income taxes and estimated state taxes in jurisdictions in which the Company does not have net operating loss carryforwards. As of September 30, 2019, the Company has a valuation allowance of approximately $30,031,000 against all domestic net deferred tax assets, for which realization cannot be considered more likely than not at this time. Management assesses the need for the valuation allowance on a quarterly basis. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and past financial performance. While recent positive operating results caused the Company to be in a cumulative income position as of September 30, 2019, it has been in such a position for only a limited number of quarters and its overall profitability has been declining since the third quarter of 2018 primarily due to reduced bookings for both Brick and Advanced Products, reflecting U.S.-China trade/tariff dynamics and elements of macro uncertainty. In addition, continued uncertainty in economic conditions that could potentially impact the Company has led management to conclude a full valuation allowance against all domestic net deferred tax assets is still warranted as of September 30, 2019. The valuation allowance against these deferred tax assets may require adjustment in the future based on changes in the mix of temporary differences, changes in tax laws, and operating performance. If the positive quarterly earnings continue and the Company’s concerns about industry uncertainty and order volumes are alleviated to the point that the Company believes future profits can be more reliably forecasted, the Company may release all or a portion of the valuation in the near-term. If and when the Company determines the valuation allowance should be released (i.e., reduced), the adjustment would result in a tax benefit reported in that period’s Consolidated Statements of Operations, the effect of which would be an increase in reported net income .

Net Income per Share

Net Income per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Income per Share	11. Net Income per Share The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator: Net income attributable to Vicor Corporation $ 5,937 $ 13,012 $ 12,786 $ 24,815 Denominator: Denominator for basic net income per share-weighted average shares (1) 40,332 40,120 40,279 39,769 Effect of dilutive securities: Employee stock options (2) 1,862 1,004 1,156 876 Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions 42,194 41,124 41,435 40,645 Basic net income per share $ 0.15 $ 0.32 $ 0.32 $ 0.62 Diluted net income per share $ 0.14 $ 0.32 $ 0.31 $ 0.61 (1) Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding. (2) Options to purchase 171,499 138,251 54,818 47,573 s

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies At September 30, 2019, the Company had approximately $2,627,000 of capital expenditure commitments. The Company is the defendant in a patent infringement lawsuit originally filed on January 28, 2011 by SynQor, Inc. (“SynQor”) in the U.S. District Court for the Eastern District of Texas (the “Texas Action”). The complaint, as amended, alleges that the Company’s products, including but not limited to, unregulated bus converters used in intermediate bus architecture power supply systems, infringe SynQor’s U.S. patent numbers 7,072,190, 7,272,021, 7,564,702, and 8,023,290 (“the ‘190 patent”, “the ‘021 patent”, “the ‘702 patent”, and “the ‘290 patent”, respectively). The Company has denied that its products infringe any of the SynQor patents, and has asserted that the SynQor patents are invalid and/or unenforceable. The Company has also asserted counterclaims seeking damages from SynQor for deceptive trade practices and tortious interference with prospective economic advantage arising from SynQor’s attempted enforcement of its patents against the Company. On May 23, 2016, after extensive discovery, the Texas Action was stayed by the court pending completion of certain inter partes reexamination (“IPRx”) proceedings at the United States Patent and Trademark Office (“USPTO”) (including any appeals from such proceedings to the Federal Circuit (as defined below)) concerning the SynQor patents, which are described below. That stay remains in force. In 2011, in response to the filing of the Texas Action, the Company’s IPRx proceedings at the USPTO challenged the validity of all claims that were asserted against the Company by SynQor. The current status of these proceedings is as follows. Regarding the ‘190 patent IPRx, the United States Court of Appeals for the Federal Circuit (the “Federal Circuit”) issued a decision on March 13, 2015, determining that certain claims were invalid and remanding the matter to the Patent Trial and Appeal Board (“PTAB”) of the USPTO for further proceedings. On February 20, 2019, the PTAB issued a decision finding that all of the remaining challenged claims were unpatentable. SynQor has appealed that decision to the Federal Circuit, and the appeal remains pending. On August 30, 2017, the Federal Circuit issued rulings with regard to the IPRx proceedings for the ‘’021, ‘702 and ‘290 patents. With respect to the ‘021 patent, the Federal Circuit affirmed the PTAB’s determination that all of the challenged claims of the ‘021 patent were invalid. The Federal Circuit remanded the case to the PTAB for further consideration of the patentability of certain claims that had been added by amendment during the reexamination. On February 20, 2019, the PTAB issued a decision affirming the examiner’s rejections of all challenged claims. With respect to the ‘702 patent, the Federal Circuit affirmed the PTAB’s determination that all of the challenged claims of the ‘702 patent were patentable. With respect to the ‘290 patent, the Federal Circuit vacated the PTAB’s decision upholding the patentability of the ‘290 patent claims, and remanded the case to the PTAB for further consideration. On February 20, 2019, the PTAB issued a decision reversing its prior affirmance of the examiner’s non-adoption On October 31, 2017, the Company filed a request with the USPTO for ex parte reexamination (“EPRx”) of the asserted claims of the ‘702 patent, based on different prior art references than had been at issue in the previous IPRx of the ‘702 patent. On September 12, 2018, a patent examiner found that all of the asserted claims were invalid. SynQor has appealed that ruling to the PTAB, where the appeal remains pending. On August 6, 2018, the Company filed a request with the USPTO for EPRx of the asserted claims of the ‘190 patent, based on different prior art references than had been at issue in the previous IPRx of the ‘190 patent. On March 15, 2019, the USPTO issued a non-final On January 23, 2018, the 20-year 20-year The Company continues to believe none of its products, including its unregulated bus converters, infringe any valid claim of the asserted SynQor patents, either alone or when used in an intermediate bus architecture implementation. The Company believes SynQor’s claims lack merit and, therefore, it continues to vigorously defend itself against SynQor’s patent infringement allegations. The Company does not believe a loss is probable for this matter. If a loss were to be incurred, however, the Company cannot estimate the amount of possible loss or range of possible loss at this time. In addition to the SynQor matter, the Company is involved in certain other litigation and claims incidental to the conduct of its business. While the outcome of lawsuits and claims against the Company cannot be predicted with certainty, management does not expect any current litigation or claims will have a material adverse impact on the Company’s financial position or results of operations.

VI Chip Merger

VI Chip Merger	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
VI Chip Merger	13. VI Chip Merger On June 28, 2019, the Company’s Board of Directors unanimously approved the merger of VI Chip Corporation (“VI Chip”), a subsidiary of Vicor, fully consolidated for financial reporting purposes, with and into the Company. The merger was completed as of June 28, 2019, at which time the separate corporate existence of VI Chip ceased. To effect the merger, holders of VI Chip common stock and VI Chip stock options received an equivalent value of Vicor Common Stock and Vicor stock options, respectively, pursuant to the assumption of the VI Chip Corporation Amended and Restated 2007 Stock Option and Incentive Plan, and options outstanding thereunder, by the Company. There was no net impact on the Company’s condensed consolidated financial statements for the three and nine months ended September 30, 2019 as a result of the merger.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Information	14. Segment Information In the second quarter of 2019, management determined the Company would report as one segment, rather than under the three segment approach employed since 2007. Given the growth profiles of the markets the Company serves with Advanced Products and Brick Products, the Company’s strategy has evolved with a transition in organizational focus, emphasizing investment in Advanced Products, targeting high growth market segments with a low-mix, high-volume operational model, while maintaining a profitable business in mature market segments we serve with Brick Products with a high-mix, low-volume operational model. The Company’s Board of Directors and Dr. Vinciarelli, the Chief Operating Decision Maker (“CODM”), authorized the mergers of our VI Chip and Picor Corporation (“Picor”) subsidiaries, based on the development and evolution of the aforementioned strategy. Dr. Vinciarelli and management began to make incremental changes in management practices and organizational structure based on a management plan established in 2018 for the definitive reconfiguration of the three business units into one business focused on the Advanced Products and Brick Products product line categorizations, including three significant changes: the merger of Picor with and into Vicor, which was completed on May 30, 2018; the reconfiguration of the Company’s internal reporting systems, which was completed on December 31, 2018; and the merger of VI Chip with and into Vicor, which, as stated, was completed on June 28, 2019. Our CODM now determines the allocation of resources of the Company based upon the two product line groupings, which constitute one segment. Both product lines are built in the Company’s manufacturing facility in Andover, Massachusetts employing similar processing and production techniques, and are supported by the same sales and marketing organizations. As such, the Company has conformed the segment reporting to the new reporting structure utilized by the CODM. Accordingly, three-segment information for prior periods has not been presented, to conform with the new presentation.

Impact of Recently Issued Accou

Impact of Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Impact of Recently Issued Accounting Standards	15. Impact of Recently Issued Accounting Standards In August 2018, the FASB issued guidance which modifies the disclosure requirements on fair value measurements under Topic 820, Fair Value Measurements . In June 2016, the FASB issued new guidance which will require measurement and recognition of expected credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale Other new pronouncements issued but not effective until after September 30, 2019 are not expected to have a material impact on the Company’s consolidated financial statements.

Recently Adopted Accounting S_2

Recently Adopted Accounting Standard (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Recently Adopted Accounting Standard	2. Recently Adopted Accounting Standard In February 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance for lease accounting, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The new guidance establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and a lease liability on the balance sheet for all leases with a term longer than twelve months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. For lessors, the guidance modifies the classification criteria and accounting for sales-type and direct financing leases. The Company adopted the new standard as of January 1, 2019, using the effective date as the date of initial application. As a result, financial information has not been updated and the disclosures required under the new standard have not been provided for dates and periods before January 1, 2019. The Company elected the ‘package of practical expedients’, which permits companies to not reassess under the new standard lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight The adoption of the standard resulted in the recognition of ROU assets and lease liabilities of approximately $4,329,000 and $4,455,000, respectively, as of January 1, 2019. There was no cumulative effect of adopting this new guidance, and the standard did not have a material impact on the Company’s condensed consolidated statements of operations or cash flows for the three and nine months ended September 30, 2019.
Impact of recently issued accounting standards	15. Impact of Recently Issued Accounting Standards In August 2018, the FASB issued guidance which modifies the disclosure requirements on fair value measurements under Topic 820, Fair Value Measurements . In June 2016, the FASB issued new guidance which will require measurement and recognition of expected credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale Other new pronouncements issued but not effective until after September 30, 2019 are not expected to have a material impact on the Company’s consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories were as follows (in thousands): September 30, 2019 December 31, 2018 Raw materials $ 35,907 $ 37,696 Work-in-process 4,854 4,740 Finished goods 8,927 4,934 Net balance $ 49,688 $ 47,370

Long-Term Investments (Tables)

Long-Term Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Summary of Available-for-Sale Securities	The following is a summary of available-for-sale September 30, 2019 Cost Gross Gross Estimated Failed Auction Security $ 3,000 $ — $ 424 $ 2,576 December 31, 2018 Cost Gross Gross Estimated Failed Auction Security $ 3,000 $ — $ 474 $ 2,526
Cost and Estimated Fair Value of Failed Auction Security by Contractual Maturities	The cost and estimated fair value of the Failed Auction Security on September 30, 2019, by contractual maturity, are shown below (in thousands): Cost Estimated Due in twenty to forty years $ 3,000 $ 2,576
Rollforward of Credit (Gain) Loss Recognized in Earnings on Failed Auction Security	The following table represents a rollforward of the activity related to the credit loss recognized in earnings on the Failed Auction Security for the nine months ended September 30 (in thousands): 2019 2018 Balance at the beginning of the period $ 41 $ 48 Reductions in the amount related to credit gain for which other-than- temporary impairment was not previously recognized (3 ) (6 ) Balance at the end of the period $ 38 $ 42

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis included the following as of September 30, 2019 (in thousands): Using Quoted Prices Significant Significant (Level 3) Total Fair Value as of Cash equivalents: Money market funds $ 9,588 $ — $ — $ 9,588 Long-term investments: Failed Auction Security — — 2,576 2,576 Liabilities: Contingent consideration obligations — — (210 ) (210 ) Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2018 (in thousands): Using Quoted Prices Significant Significant (Level 3) Total Fair Value as of Cash equivalents: Money market funds $ 9,433 $ — $ — $ 9,433 Long-term investments: Failed Auction Security — — 2,526 2,526 Liabilities: Contingent consideration obligations — — (408 ) (408 )
Quantitative Information about Level 3 Fair Value Measurements	Quantitative information about Level 3 fair value measurements as of September 30, 2019 is as follows (dollars in thousands): Fair Value Valuation Unobservable Input Weighted Failed Auction Security $ 2,576 Discounted cash flow Cumulative probability of earning the maximum rate until maturity 0.08% Cumulative probability of principal return prior to maturity 94.78% Cumulative probability of default 5.14% Liquidity risk premium 5.00% Recovery rate in default 40.00%
Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs	The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the nine months ended September 30, 2019 was as follows (in thousands): Balance at the beginning of the period $ 2,526 Credit gain on available-for-sale 3 Gain included in Other comprehensive income 47 Balance at the end of the period $ 2,576
Change in Estimated Fair Value Calculated for Liabilities Valued on Recurring Basis Utilizing Level 3 Inputs	The change in the estimated fair value calculated for the liabilities valued on a recurring basis utilizing Level 3 inputs (i.e., the Contingent consideration obligations) for the nine months ended September 30, 2019 was as follows (in thousands): Balance at the beginning of the period $ 408 Payments (198 ) Balance at the end of the period $ 210

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2019
Summary of Net Revenues Disaggregated by Geography	The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands): Three Months Ended September 30, 2019 Brick Products Advanced Products Total United States $ 25,265 $ 4,290 $ 29,555 Europe 5,577 889 6,466 Asia Pacific 14,510 18,875 33,385 All other 1,130 236 1,366 $ 46,482 $ 24,290 $ 70,772 Nine Months Ended September 30, 2019 Brick Products Advanced Products Total United States $ 73,289 $ 16,562 $ 89,851 Europe 17,960 3,517 21,477 Asia Pacific 46,908 37,618 84,526 All other 2,955 1,043 3,998 $ 141,112 $ 58,740 $ 199,852 Three Months Ended September 30, 2018 Brick Products Advanced Products Total United States $ 20,508 $ 9,152 $ 29,660 Europe 7,013 1,187 8,200 Asia Pacific 22,136 16,578 38,714 All other 1,369 92 1,461 $ 51,026 $ 27,009 $ 78,035 Nine Months Ended September 30, 2018 Brick Products Advanced Products Total United States $ 55,794 $ 25,908 $ 81,702 Europe 16,615 3,110 19,725 Asia Pacific 64,223 48,110 112,333 All other 3,380 360 3,740 $ 140,012 $ 77,488 $ 217,500 The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands): Three Months Ended September 30, 2019 Brick Products Advanced Products Total Direct customers, contract manufacturers and non-stocking $ 39,705 $ 22,574 $ 62,279 Stocking distributors, net of sales allowances 6,522 1,734 8,256 Non-recurring 163 (36 ) 127 Royalties 92 — 92 Other — 18 18 $ 46,482 $ 24,290 $ 70,772 Nine Months Ended September 30, 2019 Brick Products Advanced Products Total Direct customers, contract manufacturers and non-stocking $ 120,496 $ 49,524 $ 170,020 Stocking distributors, net of sales allowances 19,750 7,817 27,567 Non-recurring 762 1,319 2,081 Royalties 104 24 128 Other — 56 56 $ 141,112 $ 58,740 $ 199,852 Three Months Ended September 30, 2018 Brick Products Advanced Products Total Direct customers, contract manufacturers and non-stocking distributors $ 44,269 $ 23,508 $ 67,777 Stocking distributors, net of sales allowances 6,236 1,773 8,009 Non-recurring 513 1,694 2,207 Royalties 8 16 24 Other — 18 18 $ 51,026 $ 27,009 $ 78,035 Nine Months Ended September 30, 2018 Brick Advanced Total Direct customers, contract manufacturers and non-stocking $ 123,147 $ 67,924 $ 191,071 Stocking distributors, net of sales allowances 15,934 6,924 22,858 Non-recurring 885 2,494 3,379 Royalties 46 92 138 Other — 54 54 $ 140,012 $ 77,488 $ 217,500
Accounting Standards Update 2014-09 [Member]
Summary of Net Revenues Disaggregated by Geography	The following table presents the changes in certain contract assets and (liabilities) (in thousands): September 30, December 31, Ch ange Accounts receivable $ 39,987 $ 43,673 $ (3,686 ) Short-term deferred revenue (4,239 ) (3,820 ) (419 ) Long-term defer red revenue (1,134 ) (232 ) (902 ) Deferred expenses 1,418 501 917 Customer prepayments (1,604 ) (1,250 ) (354 ) Sales allowances (1,076 ) (548 ) (528 )

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Sep. 30, 2019
Guarantees and Product Warranties [Abstract]
Product Warranty Activity	Product warranty activity was as follows (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Balance at the beginning of the period $ 270 $ 326 $ 268 $ 290 Accruals for warranties for products sold in the period 29 6 113 139 Fulfillment of warranty obligations (41 ) (17 ) (123 ) (94 ) Revisions of estimated obligations — (58 ) — (78 ) Balance at the end of the period $ 258 $ 257 $ 258 $ 257

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Stock-Based Compensation Expense	Stock-based compensation expense was as follows (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Cost of revenues $ 86 $ 58 $ 228 $ 173 Selling, general and administrative 482 474 1,507 1,973 Research and development 185 156 557 458 Total stock-based compensation $ 753 $ 688 $ 2,292 $ 2,604
Summary of Compensation Expense by Type of Award	Compensation expense by type of award was as follows (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Stock options $ 514 $ 503 $ 1,556 $ 2,101 ESPP 239 185 736 503 Total stock-based compensation $ 753 $ 688 $ 2,292 $ 2,604

Leases (Table)

Leases (Table)	9 Months Ended
	Sep. 30, 2019
Leases, Operating [Abstract]
Maturities of Lease Liabilities	The maturities of the Company’s lease liabilities are as follows (in thousands): 2019 $ 458 2020 1,576 2021 923 2022 625 2023 536 Thereafter 665 Total lease payments $ 4,783 Less: Imputed interest 358 Present value of lease liabilities $ 4,425
Maturities of Lease Payments	The maturities of the lease payments to be received by the Company under its leased facility in California are as follows (in thousands): 2019 $ 215 2020 874 2021 901 2022 928 2023 955 Thereafter 402 Total lease payments to be received $ 4,275

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Provision for Income Taxes and Effective Income Tax Rates	The provision for income taxes and the effective income tax rates were as follows (dollars in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Provision for income taxes $ 266 $ 227 $ 805 $ 724 Effective income tax rate 4.3 % 1.7 % 5.9 % 2.8 %

Net Income per Share (Tables)

Net Income per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Net Income Per Share	The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator: Net income attributable to Vicor Corporation $ 5,937 $ 13,012 $ 12,786 $ 24,815 Denominator: Denominator for basic net income per share-weighted average shares (1) 40,332 40,120 40,279 39,769 Effect of dilutive securities: Employee stock options (2) 1,862 1,004 1,156 876 Denominator for diluted net income per share – adjusted weighted-average shares and assumed conversions 42,194 41,124 41,435 40,645 Basic net income per share $ 0.15 $ 0.32 $ 0.32 $ 0.62 Diluted net income per share $ 0.14 $ 0.32 $ 0.31 $ 0.61 (1) Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding. (2) Options to purchase 171,499 138,251 54,818 47,573 s

Recently Adopted Accounting S_3

Recently Adopted Accounting Standard - Additional Information (Detail) - USD ($)	Sep. 30, 2019	Jan. 01, 2019
Operating leases right of use assets	$ 4,348,000	$ 4,329,000
Operating Lease, Liability	$ 4,425,000	$ 4,455,000

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 35,907	$ 37,696
Work-in-process	4,854	4,740
Finished goods	8,927	4,934
Net balance	$ 49,688	$ 47,370

Long-Term Investments - Additio

Long-Term Investments - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Minimum period for which failed auction securities been in unrealized loss position	12 months
Failed Auction Security [Member]
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Amortized cost of securities	$ 3,000,000	$ 3,000,000
Period for which failed auction securities been in unrealized loss position	exceeds 12 months
Estimated Fair Value	$ 2,576,000	2,526,000
Gross Unrealized Losses	424,000	474,000
Aggregate credit loss	38,000	$ 41,000	$ 42,000	$ 48,000
Aggregate temporary impairment loss	$ 386,000

Long-Term Investments - Summary

Long-Term Investments - Summary of Available-for-Sale Securities (Detail) - Failed Auction Security [Member] - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Cost	$ 3,000	$ 3,000
Gross Unrealized Losses	424	474
Estimated Fair Value	$ 2,576	$ 2,526

Long-Term Investments - Amortiz

Long-Term Investments - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Available-for-sale Securities, Debt Maturities [Abstract]
Due in twenty to forty years, Cost	$ 3,000
Due in twenty to forty years, Estimated Fair Value	$ 2,576

Long-Term Investments - Rollfor

Long-Term Investments - Rollforward of Credit (Gain) Loss Recognized in Earnings on Available-for-Sale Auction Rate Securities (Detail) - Failed Auction Security [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Balance at the beginning of the period	$ 41	$ 48
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized	(3)	(6)
Balance at the end of the period	$ 38	$ 42

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Contingent Consideration Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, fair value on recurring basis	$ (210)	$ (408)
Failed Auction Security [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	2,576	2,526
Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	9,588	9,433
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	9,588	9,433
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Contingent Consideration Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, fair value on recurring basis	(210)	(408)
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Failed Auction Security [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,576	$ 2,526

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Detail) - Failed Auction Security [Member] - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 2,576
Cumulative Probability of Earning Maximum Rate Until Maturity [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Valuation Technique	Discounted cash flow
Unobservable Input	Cumulative probability of earning the maximum rate until maturity
Weighted Average Interest Rate	0.08%
Cumulative Probability of Principal Return Prior to Maturity [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Cumulative probability of principal return prior to maturity
Weighted Average Interest Rate	94.78%
Cumulative Probability of Default [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Cumulative probability of default
Weighted Average Interest Rate	5.14%
Liquidity Risk Premium [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Liquidity risk premium
Weighted Average Interest Rate	5.00%
Recovery Rate in Default [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Recovery rate in default
Weighted Average Interest Rate	40.00%

Fair Value Measurements - Chang

Fair Value Measurements - Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the period	$ 2,526
Credit gain on available-for-sale securities included in Other income (expense), net	3
Gain included in Other comprehensive income	47
Balance at the end of the period	$ 2,576

Fair Value Measurements - Cha_2

Fair Value Measurements - Change in Estimated Fair Value Calculated for Liabilities Valued on Recurring Basis Utilizing Level 3 Inputs (Detail) - Significant Unobservable Inputs (Level 3) [Member] - Contingent Consideration Obligations [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at the beginning of the period	$ 408
Payments	(198)
Balance at the end of the period	$ 210

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Sep. 30, 2019USD ($)
Fair Value Disclosures [Abstract]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0

Revenues - Summary of Net Reven

Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 70,772	$ 78,035	$ 199,852	$ 217,500
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	46,482	51,026	141,112	140,012
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	24,290	27,009	58,740	77,488
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	29,555	29,660	89,851	81,702
United States [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	25,265	20,508	73,289	55,794
United States [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	4,290	9,152	16,562	25,908
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,466	8,200	21,477	19,725
Europe [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	5,577	7,013	17,960	16,615
Europe [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	889	1,187	3,517	3,110
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue	33,385	38,714	84,526	112,333
Asia Pacific [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	14,510	22,136	46,908	64,223
Asia Pacific [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	18,875	16,578	37,618	48,110
All Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,366	1,461	3,998	3,740
All Other [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,130	1,369	2,955	3,380
All Other [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 236	$ 92	$ 1,043	$ 360

Revenues - Summary of Net Rev_2

Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 70,772	$ 78,035	$ 199,852	$ 217,500
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	46,482	51,026	141,112	140,012
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	24,290	27,009	58,740	77,488
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member]
Disaggregation of Revenue [Line Items]
Revenue	62,279	67,777	170,020	191,071
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	39,705	44,269	120,496	123,147
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	22,574	23,508	49,524	67,924
Stocking Distributors, Net of Sales Allowances [Member]
Disaggregation of Revenue [Line Items]
Revenue	8,256	8,009	27,567	22,858
Stocking Distributors, Net of Sales Allowances [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,522	6,236	19,750	15,934
Stocking Distributors, Net of Sales Allowances [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,734	1,773	7,817	6,924
Non-recurring Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenue	127	2,207	2,081	3,379
Non-recurring Engineering [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	163	513	762	885
Non-recurring Engineering [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	(36)	1,694	1,319	2,494
Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue	92	24	128	138
Royalties [Member] | Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	92	8	104	46
Royalties [Member] | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	0	16	24	92
Other
Disaggregation of Revenue [Line Items]
Revenue	18	18	56	54
Other | Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 18	$ 18	$ 56	$ 54

Revenues - Summary of Changes i

Revenues - Summary of Changes in Certain Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 39,987	$ 43,673
Short-term deferred revenue	(4,239)	(3,820)
Long-term deferred revenue	(1,134)	(232)
Deferred expenses	1,418	501
Customer prepayments	(1,604)	(1,250)
Sales allowances	(1,076)	$ (548)
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable	(3,686)
Short-term deferred revenue	(419)
Long-term deferred revenue	(902)
Deferred expenses	917
Customer prepayments	(354)
Sales allowances	$ (528)

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Decrease in net revenues	$ 2,948,000
Deferred revenue current	$ 23,000	$ 471,000	$ 53,000	$ 781,000

Product Warranties - Additional

Product Warranties - Additional Information (Detail)	Jan. 01, 2017	Sep. 30, 2019
Product Warranty Liability [Line Items]
Product warranty period		2 years
Military Grade Products [Member]
Product Warranty Liability [Line Items]
Extended warranty period	3 years

Product Warranties - Product Wa

Product Warranties - Product Warranty Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Guarantees [Abstract]
Balance at the beginning of the period	$ 270	$ 326	$ 268	$ 290
Accruals for warranties for products sold in the period	29	6	113	139
Fulfillment of warranty obligations	(41)	(17)	(123)	(94)
Revisions of estimated obligations		(58)		(78)
Balance at the end of the period	$ 258	$ 257	$ 258	$ 257

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 753	$ 688	$ 2,292	$ 2,604
Cost of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	86	58	228	173
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	482	474	1,507	1,973
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 185	$ 156	$ 557	$ 458

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 753	$ 688	$ 2,292	$ 2,604
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	514	503	1,556	2,101
ESPP [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 239	$ 185	$ 736	$ 503

Leases - Additional information

Leases - Additional information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating leases right of use assets	$ 4,348,000	$ 4,348,000	$ 4,329,000
Short-term lease liabilities	1,580,000	1,580,000
Long-term lease liabilities	2,845,000	2,845,000		$ 102,000
Short-term lease cost	$ 461,000	$ 1,398,000
Weighted-average remaining lease term	3 years 10 months 24 days	3 years 10 months 24 days
Weighted-average discount rate	3.81%	3.81%
Additional interest factor		1.375%
Lease liabilities paid	$ 44,000	$ 107,000
ROU assets in exchange for new operating lease liabilities	951,000	1,413,000
Lease income	$ 214,000	$ 642,000

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Detail) - USD ($)	Sep. 30, 2019	Jan. 01, 2019
2019	$ 458,000
2020	1,576,000
2021	923,000
2022	625,000
2023	536,000
Thereafter	665,000
Total lease payments	4,783,000
Less: Imputed interest	358,000
Present value of lease liabilities	$ 4,425,000	$ 4,455,000

Leases - Maturities of Lease Pa

Leases - Maturities of Lease Payments (Detail) $ in Thousands	Sep. 30, 2019USD ($)
2019	$ 215
2020	874
2021	901
2022	928
2023	955
Thereafter	402
Total lease payments to be received	$ 4,275

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	Sep. 30, 2019USD ($)
Income Tax Disclosure [Line Items]
Valuation allowance, deferred tax assets	$ 30,031,000

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes and Effective Income Tax Rates (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 266	$ 227	$ 805	$ 724
Effective income tax rate	4.30%	1.70%	5.90%	2.80%

Net Income per Share - Computat

Net Income per Share - Computation Of Basic And Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income attributable to Vicor Corporation		$ 5,937	$ 13,012	$ 12,786	$ 24,815
Denominator:
Denominator for basic net income per share-weighted average shares	[1]	40,332	40,120	40,279	39,769
Effect of dilutive securities:
Employee stock options	[2]	1,862	1,004	1,156	876
Denominator for diluted net income per share - adjusted weighted-average shares and assumed conversions		42,194	41,124	41,435	40,645
Basic net income per share		$ 0.15	$ 0.32	$ 0.32	$ 0.62
Diluted net income per share		$ 0.14	$ 0.32	$ 0.31	$ 0.61
[1]	Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding.
[2]	Options to purchase 171,499 and 138,251 shares of Common Stock for the three and nine months ended September 30, 2019, respectively, and 54,818 and 47,573 shares of Common Stock for the three and nine months ended September 30, 2018, respectively, were not included in the calculations of net income per share as the effect would have been antidilutive.

Net Income per Share - Comput_2

Net Income per Share - Computation Of Basic And Diluted Net Income Per Share (Parenthetical) (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Options to purchase shares of Common Stock not included in the computation of diluted income per share	171,499	54,818	138,251	47,573

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Sep. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Capital expenditure commitments	$ 2,627,000